Al Broaddus and Marvin Goodfriend discuss the Fed's asset acquisition practices. In order to support monetary policy by strengthening the Fed's independence, these practices should adhere to two closely related principles: they should respect the integrity of fiscal policy and minimize the risk of political entanglements involving Fed credit allocation. The authors propose that the Fed and the Treasury cooperate to enable the Fed to continue to rely on Treasury securities even as the publicly held debt is paid down.